Palisade Asset Management LLC Has $214,000 Stake in Hubbell Incorporated (NYSE:HUBB)

Palisade Asset Management LLC lowered its holdings in Hubbell Incorporated (NYSE:HUBB) by 87.5% during the third quarter, Holdings Channel.com reports. The firm owned 500 shares of the industrial products company’s stock after selling 3,500 shares during the period. Palisade Asset Management LLC’s holdings in Hubbell were worth $214,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in shares of Hubbell in the third quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in shares of Hubbell in the 3rd quarter valued at $41,000. Quarry LP bought a new stake in shares of Hubbell during the second quarter worth $49,000. Northwest Investment Counselors LLC acquired a new position in shares of Hubbell during the third quarter valued at $58,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Hubbell in the second quarter valued at about $62,000. Institutional investors own 88.16% of the company’s stock.

Insider Activity at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the sale, the insider now directly owns 2,957 shares in the company, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HUBB. Barclays upped their target price on shares of Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Morgan Stanley raised their price objective on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein began coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 target price for the company. Finally, Mizuho increased their price target on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $445.56.

Hubbell Trading Up 0.9 %

HUBB opened at $460.81 on Friday. The firm’s fifty day moving average is $441.22 and its two-hundred day moving average is $402.22. The firm has a market cap of $24.73 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.90. Hubbell Incorporated has a twelve month low of $293.91 and a twelve month high of $481.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, topping the consensus estimate of $4.47 by $0.02. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.95 EPS. Equities research analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s payout ratio is 35.16%.

Hubbell Profile

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies.